According to recent findings from the University of Surrey, businesses led by women experienced more difficulty recovering from the pandemic’s impacts than those managed by men. The study attributed this disparity to various factors, including the typically lower accessibility to external financial aid, less robust connections within professional networks, and greater susceptibility to personal limitations such as the need to manage school closures.

This comprehensive research, conducted on a global scale, analyzed data from over 11,000 companies spanning 34 countries. This extensive reach ensures that the findings are not limited to a specific region, but reflect the global reality of women-led businesses. The study evaluated the resilience of these companies by examining the variations in their sales figures from the year prior.

Professor Sorin Krammer, the leading author of this study and the chair of Strategy and International Business at the University of Surrey, underlined the urgency of the situation. He emphasized the importance of enhanced support for women in leadership roles, especially during times of crisis. He pointed out that businesses under female leadership encountered specific obstacles during the COVID-19 pandemic due to restricted access to essential external resources. He underscored the urgency of rectifying these imbalances to ensure a more equitable and resilient business landscape.

Professor Krammer advocated for improved access to financial support, networking opportunities, and government resources to strengthen the resilience of businesses led by women and enable them to prosper even in difficult periods.

Furthermore, the research shed light on strategies contributing to greater business resilience. Companies that operated across multiple departments and adapted their business models to the new environment, for example, by launching new delivery services, demonstrated a more substantial capacity to withstand the challenges posed by the COVID-19 pandemic.

More information: Jaime Gómez et al, Resilience to the pandemic: The role of female management, multi-unit structure, and business model innovation, Journal of Business Research. DOI: 10.1016/j.jbusres.2023.114428

Journal information: Journal of Business Research Provided by University of Surrey